RESPA Final Rule Issued
By Amy Kudlacek
Ugh. It's finally here and it doesn't look pretty. HUD released their Final Rule regarding changes to RESPA on November 13, 2008. I am only 100 pages into the 341 page final rule and can't wait to get to the 571 page Regulatory Impact Analysis included with the final rule. 
Among other things, the final rule implements a new Good Faith Estimate as well as new HUD-1 and HUD-1A Settlement Statements. The GFE and HUD-1 have both been expanded to 3 pages in length.
It appears that HUD did amend RESPA with regard to the Servicing Disclosure ("We plan to keep of sell your loan"). The regulation will now conform with the 1996 Economic Growth and Regulatory Paperwork Reduction Act, that simplified this disclosure dramatically. The rule also addresses RESPA disclosures and E-SIGN requirements.
Compliance with most of these the provisions is mandatory January 1, 2010. We will keep you posted as we learn more.